Friday, 12 January 2018

Simplifying The Naming Procedure For Private Limited Companies

Start-ups work at a much, much faster pace than government, needless to say. So it’s unfair that entrepreneurs need to deal with government entities nearly every step of the way. Whether it’s registering their company or getting a VAT registration, they need the government.
PICKING A NAME
The INC-29 procedure, which enables you to complete the registration process in 10 days, requires you to submit just one name, as opposed to six before. This means that if you submit one that’s been taken already, you’ll have to go through the hassle again. So how do you pick the name of your company? Here’s how it works:

TAKE A UNIQUE WORD:

You know who Big Tree Entertainment Private Limited is? No? Nor do most people. It’s the official name of Book My Show. Now, using our tool you’ll find that there is no other company with the same unique name. Does this mean you can’t register Big Tree Software Private Limited? Not at all. As it belongs to a different industry, you can go ahead and do it.
Note: For the unique component, you can’t have abbreviations, adjectives and generic words. So BBC or XYZ would be rejected, as would Good Quality Biscuits. The words bank, exchange and stock exchange, unless approved by RBI or SEBI, would also be rejected.

ADD THE INDUSTRY:

What business are you in? If your in Flipkart’s business, you would have nine options to choose from within technology services: Infotech, Infosystems, Tech Solutions, Technology Solutions, Tech, Computers, Innovations, Processors and Informatics. This should be consistent with the main objects clause in your company registration application. So you can’t apply for technology services in your name and then state, in the main objects, that your main business is financial services.
Now add Private Limited, and you’re done. But there’s one more thing you should keep in mind:
You can’t pick a well-known brand name as the name of your company. So even though Book My Show isn’t a registered company, you can’t have it as the name of your company. That’s because you could deceive consumers with a name like that. To actually get a name that’s been trademarked, you need a No-Objection Certificate from its owner.
This is all you need to know about naming your company (or even LLP), but with the above-mentioned tool, you needn’t know these rules, either. Happy starting up!